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CVS Health, a U.S. health","page_number":6,"box":{"x":94,"y":538,"width":818,"height":10}},{"id":"674eef8a-8d60-4229-bc33-53c1a0141c0a","block_type":"box","text":"care company with pharmacy services, health insurance, and retail operations, advanced on meaningful progress in its Aetna","page_number":6,"box":{"x":94,"y":552,"width":818,"height":11}},{"id":"c207ec39-98f7-4427-9daf-97fbc2d0863d","block_type":"box","text":"insurance turnaround, with improved Medicare Advantage performance from better Star ratings and moderating medical","page_number":6,"box":{"x":94,"y":566,"width":818,"height":11}},{"id":"70c66276-5b39-419d-8a61-58b182fc50b1","block_type":"box","text":"cost trends, a favorable 2027 rate update, and solid pharmacy momentum behind the CostVantage pricing initiative, while","page_number":6,"box":{"x":94,"y":580,"width":818,"height":11}},{"id":"c65c346f-b2c2-400a-9dd7-2803fb641320","block_type":"box","text":"its pharmacy benefit manager operations proved more resilient than those of a key competitor","page_number":6,"box":{"x":94,"y":594,"width":628,"height":11}},{"id":"90663bf1-5820-44e3-b950-b884260df55c","block_type":"box","text":".","page_number":6,"box":{"x":722,"y":602,"width":2,"height":1}},{"id":"3df3073f-a6fb-4bb1-b266-78404f08c781","block_type":"box","text":"Our biggest absolute detractors over the first half were Cognizant, Amdocs, and Accenture. IT services provider Cognizant","page_number":6,"box":{"x":94,"y":619,"width":818,"height":11}},{"id":"2ac842c7-7f8c-49c1-bd2d-9f4a4df7db25","block_type":"box","text":"declined amid sector-wide weakness, as investor concern that AI-driven automation could erode demand for traditional","page_number":6,"box":{"x":94,"y":634,"width":818,"height":10}},{"id":"0cefaefe-23ad-4152-aae3-2ed08441f18a","block_type":"box","text":"outsourcing and consulting, an accelerating shift toward outcome-based pricing, and softer near-term guidance outweighed","page_number":6,"box":{"x":94,"y":648,"width":818,"height":11}},{"id":"d4acd196-acd6-44ab-95e9-505572a9de01","block_type":"box","text":"solid earnings, bookings growth, and improving margins, with the stock reaching a fresh 52-week low late in the period","page_number":6,"box":{"x":95,"y":662,"width":817,"height":11}},{"id":"d29a0f8b-581a-4370-8f0d-3f7051602f9a","block_type":"box","text":"after a large peer's reduced outlook and a series of analyst downgrades. 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Global IT","page_number":6,"box":{"x":94,"y":719,"width":814,"height":11}},{"id":"6f41b00f-5e0c-44d9-8d6e-8e9427506cc6","block_type":"box","text":"services provider Accenture declined amid cyclical IT-spending headwinds and fears of AI-driven disruption to traditional","page_number":6,"box":{"x":95,"y":734,"width":812,"height":10}},{"id":"2c104e9f-e7c1-48c0-a1a5-b3e0b497770f","block_type":"box","text":"IT services, with the pressure intensifying late in the period after management reduced its full-year revenue guidance and","page_number":6,"box":{"x":94,"y":748,"width":814,"height":11}},{"id":"4527ce34-c06a-4860-8773-9d2ad13b894d","block_type":"box","text":"raised its acquisition spend.","page_number":6,"box":{"x":94,"y":762,"width":184,"height":11}},{"id":"e246aea7-6627-46dc-9083-32b13d700453","block_type":"box","text":"Recent performance has been challenged by a combination of macroeconomic concerns, uncertainty around the impact of","page_number":6,"box":{"x":94,"y":787,"width":815,"height":11}},{"id":"041b1a42-d052-4a15-8581-dfcdec210d3e","block_type":"box","text":"technological change across industries, and idiosyncratic developments weighing on the near-term fundamentals of a few","page_number":6,"box":{"x":94,"y":801,"width":813,"height":11}},{"id":"3cc4e54c-ef7b-4374-bc5c-1e0483b194dd","block_type":"box","text":"large, high-conviction holdings. Despite these headwinds, we believe the current environment represents an exceptional","page_number":6,"box":{"x":94,"y":816,"width":813,"height":10}},{"id":"67e762e9-f15e-4725-8663-842e79bef138","block_type":"box","text":"long-term opportunity, given the portfolio's starting valuation and the breadth, magnitude, and quality of the opportunity","page_number":6,"box":{"x":94,"y":830,"width":814,"height":11}},{"id":"5264c8ee-7409-4fd2-8398-7aa3045f0d02","block_type":"box","text":"set.","page_number":6,"box":{"x":95,"y":845,"width":20,"height":7}},{"id":"6b40445f-e112-44f9-8716-2be55471b364","block_type":"box","text":"Pzena Investment Management, LLC","page_number":6,"box":{"x":94,"y":869,"width":273,"height":11}},{"id":"647a5941-6a99-40ad-ae2e-39fef6d99f60","block_type":"box","text":"July 2026","page_number":6,"box":{"x":94,"y":894,"width":73,"height":11}},{"id":"018894a0-52b3-4bac-94fd-e0ec53b9539d","block_type":"box","text":"PZENA VALUE FUNDS PLC","page_number":7,"box":{"x":94,"y":42,"width":218,"height":8}},{"id":"0bc3ab74-b84d-4297-a41d-ec8a5808b84d","block_type":"box","text":"5","page_number":7,"box":{"x":496,"y":959,"width":7,"height":8}},{"id":"d564659c-866a-419c-87cb-77e47136e76a","block_type":"box","text":"INVESTMENT MANAGER’S REPORT – PZENA EMERGING MARKETS FOCUSED VALUE FUND","page_number":7,"box":{"x":94,"y":81,"width":750,"height":8}},{"id":"fdfcc03d-d3d2-4edc-959a-35551fc9b873","block_type":"box","text":"For the period ended 30 June 2026","page_number":7,"box":{"x":94,"y":95,"width":243,"height":11}},{"id":"b75a729f-eaa9-4d16-bec8-6173b0b299c2","block_type":"box","text":"Background to Pzena Emerging Markets Focused Value Fund (the “Sub-Fund”)","page_number":7,"box":{"x":94,"y":135,"width":578,"height":11}},{"id":"0eb16b3a-710e-4cd9-90ea-c668ceae5ea6","block_type":"box","text":"In managing the Fund’s assets, the Investment Manager conducts fundamental securities analysis and follows a classic value","page_number":7,"box":{"x":94,"y":149,"width":818,"height":11}},{"id":"b9937bb0-625b-4166-8653-8f5984f6b1ee","block_type":"box","text":"strategy. 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The Investment","page_number":7,"box":{"x":94,"y":192,"width":818,"height":11}},{"id":"106028fa-84cb-4600-ad93-c35f29055b39","block_type":"box","text":"Manager does not employ financial leverage in the management of the Fund’s assets and does not purchase derivative","page_number":7,"box":{"x":94,"y":206,"width":818,"height":11}},{"id":"a9e267ad-e51e-4835-b151-dce373f556b3","block_type":"box","text":"instruments for the Fund.","page_number":7,"box":{"x":94,"y":220,"width":168,"height":9}},{"id":"3179e600-5b83-4668-953d-0a3a84178f65","block_type":"box","text":"Performance Review","page_number":7,"box":{"x":94,"y":245,"width":149,"height":9}},{"id":"7013f615-c912-4e1b-96de-24330b775a55","block_type":"box","text":"Emerging market equities rose over the first half of 2026, though the path was volatile and dispersion across countries","page_number":7,"box":{"x":94,"y":259,"width":818,"height":11}},{"id":"582f1a38-b446-493d-b89f-a1cd78fcb66a","block_type":"box","text":"was pronounced. A promising start gave way to a sharp pullback as an escalating conflict in the Middle East and rising oil","page_number":7,"box":{"x":94,"y":274,"width":818,"height":11}},{"id":"351ad741-ddb8-403f-9ad2-5811b5ed6cb1","block_type":"box","text":"prices weighed on sentiment, pressuring energy-importing economies and lifting the U.S. dollar. As tensions eased and","page_number":7,"box":{"x":94,"y":288,"width":818,"height":11}},{"id":"16b4c158-cdbd-4620-a122-5a3bbb90e586","block_type":"box","text":"oil prices fell in the second quarter, a powerful rally in AI-linked semiconductor companies drove markets sharply higher,","page_number":7,"box":{"x":94,"y":302,"width":818,"height":11}},{"id":"170e3ebf-3ec4-4a1f-b492-a615c05d9418","block_type":"box","text":"with South Korea and Taiwan leading on their heavy exposure to the semiconductor supply chain while China and several","page_number":7,"box":{"x":94,"y":317,"width":818,"height":10}},{"id":"b51234ab-bd9c-48ad-9084-61be08934030","block_type":"box","text":"other markets lagged.","page_number":7,"box":{"x":94,"y":331,"width":144,"height":11}},{"id":"9f29faa4-c41e-4a87-a6fa-60cb5df2e535","block_type":"box","text":"The Pzena Emerging Markets Focused Value Fund was up but underperformed both the MSCI Emerging Markets Index","page_number":7,"box":{"x":94,"y":356,"width":818,"height":11}},{"id":"be2be93b-29cc-413d-9544-2935af9a13f5","block_type":"box","text":"and the MSCI Emerging Markets Value Index. The consumer discretionary and communication services sectors were","page_number":7,"box":{"x":94,"y":370,"width":818,"height":11}},{"id":"d7df4864-b58f-41b6-b436-b22e933f3fa3","block_type":"box","text":"the largest detractors from absolute performance, while the information technology, financials, and industrials sectors","page_number":7,"box":{"x":94,"y":384,"width":818,"height":11}},{"id":"18fb3f5c-ee02-4cbc-acfc-a2590ced2c58","block_type":"box","text":"contributed the most to absolute performance.","page_number":7,"box":{"x":94,"y":399,"width":307,"height":10}},{"id":"de02763d-68ef-4173-814b-bec8453072d1","block_type":"box","text":"Our biggest absolute detractors over the first half were Cognizant, Alibaba, and Globant. IT services provider Cognizant","page_number":7,"box":{"x":94,"y":423,"width":818,"height":11}},{"id":"745ffa6b-6735-4cf5-90b5-53faad9e4b34","block_type":"box","text":"declined amid sector-wide weakness, as investor concern that AI-driven automation could erode demand for traditional","page_number":7,"box":{"x":94,"y":438,"width":818,"height":10}},{"id":"e2d0e25e-0f61-4158-93d3-f08ecd8fc888","block_type":"box","text":"outsourcing and consulting, an accelerating shift toward outcome-based pricing, and softer near-term guidance outweighed","page_number":7,"box":{"x":94,"y":452,"width":818,"height":11}},{"id":"3fcb6ad2-77bb-43ab-a99b-3c408093697d","block_type":"box","text":"solid earnings, bookings growth, and improving margins, with the stock reaching a fresh 52-week low late in the period after","page_number":7,"box":{"x":95,"y":466,"width":817,"height":11}},{"id":"7f101bfa-d66c-4b3d-a1df-b1ae3361c1e2","block_type":"box","text":"a large peer's reduced outlook and a series of analyst downgrades. Chinese technology company Alibaba Group declined","page_number":7,"box":{"x":94,"y":480,"width":818,"height":11}},{"id":"35b9a9ea-27a0-46c8-a36b-ce5295a111b7","block_type":"box","text":"as weak Chinese consumer spending, investor concerns around escalating cloud capital expenditures and persistent losses","page_number":7,"box":{"x":94,"y":495,"width":818,"height":11}},{"id":"8c07e43d-3a42-4e5e-b617-0c5a024ac4ef","block_type":"box","text":"in its quick-commerce business, and its addition to a U.S. Department of Defense list of companies alleged to have ties","page_number":7,"box":{"x":94,"y":509,"width":818,"height":11}},{"id":"0843f8a3-4fb6-4e2e-829d-1f55357d41e0","block_type":"box","text":"to the Chinese military weighed on the stock, even as its cloud and AI businesses continued to grow. IT services provider","page_number":7,"box":{"x":94,"y":523,"width":818,"height":11}},{"id":"c3b9bed8-0d23-443f-8a75-429391129420","block_type":"box","text":"Globant declined alongside a broad sell-off across IT services on intensifying fears that AI-driven automation is eroding","page_number":7,"box":{"x":94,"y":537,"width":818,"height":11}},{"id":"1aee3424-ac8b-4624-b217-b2beda03601c","block_type":"box","text":"demand, compounded by weakening discretionary technology spending, reduced U.S. federal spending, and ongoing","page_number":7,"box":{"x":94,"y":552,"width":818,"height":11}},{"id":"9a93bdef-cf4e-4ae3-8e48-e7649844b04b","block_type":"box","text":"execution concerns in its Latin American operations, despite delivering in-line results and maintaining full-year guidance.","page_number":7,"box":{"x":94,"y":566,"width":812,"height":11}},{"id":"4e518a2e-30f1-4e3a-bf25-9ae26d413d3e","block_type":"box","text":"The top contributors over the first half were Samsung Electronics, Taiwan Semiconductor Manufacturing Co., and Weichai","page_number":7,"box":{"x":94,"y":591,"width":818,"height":11}},{"id":"a8f3bf10-d4b7-4622-82a9-b056ab934f2b","block_type":"box","text":"Power. Korean memory chip and smartphone manufacturer Samsung Electronics rose sharply as an accelerating DRAM","page_number":7,"box":{"x":94,"y":605,"width":818,"height":11}},{"id":"599f937a-727d-4fca-9ebc-a42f29ec8f27","block_type":"box","text":"(dynamic random-access memory) upcycle drove memory prices and profitability higher, with preliminary first-quarter","page_number":7,"box":{"x":95,"y":619,"width":817,"height":11}},{"id":"9cddaf11-2023-49e7-8e47-1411d0d06cf6","block_type":"box","text":"operating profit exceeding its full-year 2025 level and expectations building for DRAM shortages through at least 2027.","page_number":7,"box":{"x":94,"y":634,"width":818,"height":11}},{"id":"437dd4af-b31b-42c6-a9fe-dcd7bf8c01ff","block_type":"box","text":"Continued progress in high-bandwidth memory for AI customers, including shipments of next-generation HBM4 and","page_number":7,"box":{"x":94,"y":648,"width":818,"height":11}},{"id":"0540f94a-f748-4a71-9d51-48b2c88e236e","block_type":"box","text":"HBM4E samples, reinforced confidence in its AI-related memory business. Taiwan Semiconductor Manufacturing Co.","page_number":7,"box":{"x":94,"y":662,"width":818,"height":11}},{"id":"d14e6d7e-7d09-456e-8b3b-ec102d86b41c","block_type":"box","text":"(TSMC) advanced on sustained AI-driven demand for advanced-node chips, with strong quarterly results, record revenues,","page_number":7,"box":{"x":95,"y":677,"width":817,"height":10}},{"id":"e1231fc4-1c07-4935-8927-f86361ad0d0c","block_type":"box","text":"and raised capital spending alongside expanded U.S. manufacturing plans reinforcing its advanced-node leadership, as","page_number":7,"box":{"x":94,"y":691,"width":813,"height":11}},{"id":"d8ee43dd-d5a7-4525-b36d-805ed97337e5","block_type":"box","text":"demand for advanced chip capacity continued to outpace the company's conservative capacity expansion. Weichai Power,","page_number":7,"box":{"x":94,"y":705,"width":813,"height":11}},{"id":"f2b6fa1d-00af-493c-bb6c-1f1675f8c2fb","block_type":"box","text":"the Chinese truck and engine manufacturer, advanced on strong demand for large-bore engines tied to the data-center and","page_number":7,"box":{"x":94,"y":719,"width":814,"height":11}},{"id":"848a8d15-439b-49a0-b315-84ce36c0b89a","block_type":"box","text":"infrastructure buildout and for LNG (liquefied natural gas) heavy-duty trucks, with solid results, a solid-oxide fuel cell","page_number":7,"box":{"x":94,"y":733,"width":813,"height":11}},{"id":"137f5593-9401-4691-84cf-4b6b7ce78754","block_type":"box","text":"partnership with Ceres Power, and continued share repurchases supporting the gains, though it gave back part of the run","page_number":7,"box":{"x":94,"y":748,"width":814,"height":11}},{"id":"2a464092-66fb-443c-bc5a-0f9f97f9e0ba","block_type":"box","text":"late in the period as the data-center demand theme cooled.","page_number":7,"box":{"x":94,"y":762,"width":389,"height":11}},{"id":"2e1ac241-09ca-47fb-90bb-7bc63007fa8d","block_type":"box","text":"While macroeconomic uncertainty and geopolitical risks continue to drive volatility across emerging markets, dispersion","page_number":7,"box":{"x":94,"y":787,"width":814,"height":11}},{"id":"de754fb5-bd07-488e-b16b-d8d89d77d88c","block_type":"box","text":"remains elevated. We continue to find opportunities in companies where near-term concerns obscure normalized earnings","page_number":7,"box":{"x":94,"y":801,"width":813,"height":11}},{"id":"6b833c99-f655-4b70-abfe-896deb5297f6","block_type":"box","text":"power, and portfolio valuations remain compelling relative to long-term fundamentals. Our largest sector exposure remains","page_number":7,"box":{"x":94,"y":816,"width":813,"height":10}},{"id":"8c709b97-1930-4711-8241-da0ba43e163d","block_type":"box","text":"in financials, and the portfolio continues to be concentrated in","page_number":7,"box":{"x":94,"y":830,"width":415,"height":11}},{"id":"1014989e-3213-4fad-8131-fa63aac7c38b","block_type":"box","text":"Asia, with the largest country weights in China and Korea.","page_number":7,"box":{"x":512,"y":830,"width":393,"height":11}},{"id":"a2f6c23d-e8ca-4913-aa32-39051d46db68","block_type":"box","text":"Pzena Investment Management, LLC","page_number":7,"box":{"x":94,"y":855,"width":273,"height":11}},{"id":"6ad09ea5-d3c7-49ce-8af9-53fd03de557a","block_type":"box","text":"July 2026","page_number":7,"box":{"x":94,"y":880,"width":73,"height":10}},{"id":"525a1d59-cb38-406a-8b99-5df3da7761d0","block_type":"box","text":"PZENA VALUE FUNDS PLC","page_number":8,"box":{"x":94,"y":42,"width":218,"height":8}},{"id":"68bed89b-31de-45c8-a153-5e23123ac183","block_type":"box","text":"6","page_number":8,"box":{"x":496,"y":959,"width":7,"height":8}},{"id":"5effa3eb-4434-485a-a90d-8eb0c2a76c75","block_type":"box","text":"INVESTMENT MANAGER’S REPORT – PZENA GLOBAL VALUE FUND","page_number":8,"box":{"x":94,"y":81,"width":552,"height":8}},{"id":"ef0f777e-e57f-42bc-a973-bee30a745e46","block_type":"box","text":"For the period ended 30 June 2026","page_number":8,"box":{"x":94,"y":95,"width":243,"height":11}},{"id":"b777abe8-c4b5-4650-bd1c-00cd8af4072c","block_type":"box","text":"Background to Pzena Global Value Fund (the “Sub-Fund”)","page_number":8,"box":{"x":94,"y":135,"width":428,"height":11}},{"id":"53c5b5f4-874f-4810-9ac1-71251c1a37db","block_type":"box","text":"In managing the Fund’s assets, the Investment Manager conducts fundamental securities analysis and follows a classic","page_number":8,"box":{"x":94,"y":149,"width":818,"height":11}},{"id":"3c8b58ce-4b53-4edb-b2d1-7fb8ff99dc7d","block_type":"box","text":"value strategy. It seeks to identify global companies among the 2000 largest by market capitalization, that it believes are","page_number":8,"box":{"x":94,"y":163,"width":818,"height":11}},{"id":"9612802b-e53d-481b-9d74-c8983c8b772c","block_type":"box","text":"undervalued on the basis of current price relative to an estimated normal level of earnings, and constructs a portfolio of","page_number":8,"box":{"x":94,"y":178,"width":818,"height":10}},{"id":"526c0d91-60df-4671-9575-53331abb6b24","block_type":"box","text":"60 to 95 stocks that it believes represent the most undervalued portion of its universe. The Investment Manager does not","page_number":8,"box":{"x":95,"y":192,"width":817,"height":11}},{"id":"fe64de3a-119c-4eaf-9ba9-b8871d188117","block_type":"box","text":"employ financial leverage in the management of the Fund’s assets and does not purchase derivative instruments for the","page_number":8,"box":{"x":94,"y":206,"width":818,"height":11}},{"id":"910a167f-8afc-488a-94ec-902e1de5e2e4","block_type":"box","text":"Fund.","page_number":8,"box":{"x":94,"y":220,"width":43,"height":9}},{"id":"5cf3cdd8-7b6b-4995-a27b-0d325942e85d","block_type":"box","text":"Performance Review","page_number":8,"box":{"x":94,"y":245,"width":149,"height":9}},{"id":"63d02829-8f1d-47ff-8170-bd2d8b18e04a","block_type":"box","text":"Global equity markets rose over the first half of 2026, though the advance masked a volatile, two-part path. The year","page_number":8,"box":{"x":94,"y":259,"width":818,"height":11}},{"id":"3d79739b-8948-4312-ac2d-087204dbdc44","block_type":"box","text":"opened under pressure, as scrutiny of the largest technology companies and fears that new artificial intelligence capabilities","page_number":8,"box":{"x":94,"y":274,"width":818,"height":11}},{"id":"9b278ad0-2341-4d3a-acd2-d2ceda4130e7","block_type":"box","text":"would disrupt the software sector gave way to an escalating conflict in the Middle East that drove oil prices sharply","page_number":8,"box":{"x":94,"y":288,"width":818,"height":11}},{"id":"22ff31ba-698a-4079-b607-28542346f352","block_type":"box","text":"higher and pressured both stocks and bonds. Value briefly outpaced growth as energy-related areas led, before sentiment","page_number":8,"box":{"x":94,"y":302,"width":818,"height":11}},{"id":"84c8d32e-48b1-4439-80ae-ab5a01a8aefb","block_type":"box","text":"reversed decisively in the second quarter; as tensions eased and oil prices fell, a powerful rally in artificial intelligence","page_number":8,"box":{"x":94,"y":316,"width":818,"height":11}},{"id":"72b94abb-74b1-43c4-89db-a5c33c2bbaa1","block_type":"box","text":"and semiconductor-related companies carried markets to new highs, with growth resuming a wide lead over value and","page_number":8,"box":{"x":94,"y":331,"width":818,"height":11}},{"id":"c4bae902-838b-4efa-8afa-759acd9cd2a6","block_type":"box","text":"leadership growing increasingly concentrated in companies tied to the artificial intelligence investment cycle. Overall,","page_number":8,"box":{"x":94,"y":345,"width":818,"height":11}},{"id":"3808f98f-dc77-4509-950d-9fdceec35abd","block_type":"box","text":"dispersion across regions, sectors, and individual stocks remained elevated.","page_number":8,"box":{"x":94,"y":359,"width":505,"height":11}},{"id":"8525f8f4-03bd-44c7-8a22-4436af100858","block_type":"box","text":"The Pzena Global Value Fund was up but modestly underperformed both the MSCI World Index and the MSCI World","page_number":8,"box":{"x":94,"y":384,"width":818,"height":11}},{"id":"85773d39-ec28-475e-95b4-29b85b3026a6","block_type":"box","text":"Value Index. The information technology, health care, and materials sectors contributed the most to absolute performance,","page_number":8,"box":{"x":94,"y":399,"width":818,"height":10}},{"id":"b9d6aa57-d256-4c8c-b632-f0041ece7b00","block_type":"box","text":"while the consumer staples sector was the only sector to detract.","page_number":8,"box":{"x":94,"y":413,"width":429,"height":11}},{"id":"fdcb632f-fb31-45aa-9c61-c66bdb25394a","block_type":"box","text":"The top contributors over the first half were Samsung Electronics, Nokia, and Humana. Korean memory chip and","page_number":8,"box":{"x":94,"y":438,"width":818,"height":11}},{"id":"ba1b75dc-7d27-4090-aa12-218f85b04c94","block_type":"box","text":"smartphone manufacturer Samsung Electronics rose sharply as an accelerating DRAM (dynamic random-access memory)","page_number":8,"box":{"x":95,"y":452,"width":817,"height":11}},{"id":"34015b62-c99a-4452-a450-6d04b4a7c715","block_type":"box","text":"upcycle drove memory prices and profitability higher, with preliminary first-quarter operating profit exceeding its full-year","page_number":8,"box":{"x":94,"y":466,"width":818,"height":11}},{"id":"e9458d3f-d4ad-4af8-89f0-c4883e045cd8","block_type":"box","text":"2025 level and expectations building for DRAM shortages through at least 2027. Continued progress in high-bandwidth","page_number":8,"box":{"x":94,"y":480,"width":818,"height":11}},{"id":"a219fdb9-caa5-4df4-bb78-faf1c74df72c","block_type":"box","text":"memory for AI customers, including shipments of next-generation HBM4 and HBM4E samples, reinforced confidence in","page_number":8,"box":{"x":94,"y":495,"width":818,"height":11}},{"id":"188aff93-c1e2-4fe2-8f87-1c90c453a9f3","block_type":"box","text":"its AI-related memory business. Finnish telecom equipment manufacturer Nokia advanced on growing optimism around","page_number":8,"box":{"x":94,"y":509,"width":818,"height":11}},{"id":"7d8ab062-23c5-4206-bec3-1294f3c42fd2","block_type":"box","text":"its AI-RAN prospects and a strategic $1 billion equity investment from NVIDIA, with earnings reflecting strong AI","page_number":8,"box":{"x":94,"y":523,"width":813,"height":11}},{"id":"e712af18-e63f-407b-9a24-23127063b46c","block_type":"box","text":"and cloud-related demand, particularly in Optical Networks and IP routing, alongside raised growth expectations for its","page_number":8,"box":{"x":94,"y":538,"width":818,"height":10}},{"id":"6d065c3e-13ab-4fdf-bf11-4e8a81bca2e5","block_type":"box","text":"network infrastructure businesses and robust order activity. Humana, a U.S. health insurer focused on Medicare Advantage,","page_number":8,"box":{"x":94,"y":552,"width":818,"height":11}},{"id":"bade338c-d1b7-4dce-a2fa-9989ea6074d5","block_type":"box","text":"recovered after early pressure from a proposed 2027 reimbursement cut, Star-rating concerns, and adverse-selection fears","page_number":8,"box":{"x":94,"y":566,"width":818,"height":11}},{"id":"0830fda8-9bc1-41fc-9cf1-765efdb82171","block_type":"box","text":"tied to unexpectedly strong membership growth gave way to a rebound, as a more favorable final 2027 rate update and","page_number":8,"box":{"x":94,"y":580,"width":818,"height":11}},{"id":"b7db99b2-820e-48f0-bff3-e8917083b6e4","block_type":"box","text":"first-quarter results showing better-than-feared medical cost trends, with no evidence of adverse selection, eased those","page_number":8,"box":{"x":94,"y":594,"width":818,"height":11}},{"id":"becdc467-532f-46da-81c3-d2b1472b336b","block_type":"box","text":"concerns and prompted multiple analyst upgrades.","page_number":8,"box":{"x":94,"y":609,"width":336,"height":11}},{"id":"6dad3a23-c897-42e3-93a9-e26c8990b2c9","block_type":"box","text":"Our biggest absolute detractors over the first half were Cognizant, Accenture, and Amdocs. IT services provider Cognizant","page_number":8,"box":{"x":94,"y":634,"width":818,"height":11}},{"id":"588a9845-5aa2-4165-910a-f1f02917e735","block_type":"box","text":"declined amid sector-wide weakness, as investor concern that AI-driven automation could erode demand for traditional","page_number":8,"box":{"x":94,"y":648,"width":818,"height":10}},{"id":"af2326f5-824e-424d-ac49-71269e37b02e","block_type":"box","text":"outsourcing and consulting, an accelerating shift toward outcome-based pricing, and softer near-term guidance outweighed","page_number":8,"box":{"x":94,"y":662,"width":818,"height":11}},{"id":"a008f005-7363-4166-8372-44d539343f82","block_type":"box","text":"solid earnings, bookings growth, and improving margins, with the stock reaching a fresh 52-week low late in the period","page_number":8,"box":{"x":95,"y":677,"width":817,"height":10}},{"id":"e9b69fe1-6a6e-43b6-a410-a6da0e6a1b34","block_type":"box","text":"after a large peer's reduced outlook and a series of analyst downgrades. Global IT services provider Accenture declined","page_number":8,"box":{"x":94,"y":691,"width":814,"height":11}},{"id":"365c01bf-83d2-4c33-9fee-c92710bc6aed","block_type":"box","text":"amid cyclical IT-spending headwinds and fears of AI-driven disruption to traditional IT services, with the pressure","page_number":8,"box":{"x":94,"y":705,"width":813,"height":11}},{"id":"fa02434f-330d-46b3-bf08-1eea5cfc9760","block_type":"box","text":"intensifying late in the period after management reduced its full-year revenue guidance and raised its acquisition spend.","page_number":8,"box":{"x":94,"y":719,"width":812,"height":11}},{"id":"328e95e2-838a-488b-b6eb-5f1ccd08845e","block_type":"box","text":"Amdocs, a market-leading provider of CRM (customer relationship management), billing, and other software to large","page_number":8,"box":{"x":94,"y":734,"width":813,"height":10}},{"id":"c1c2a1e4-930d-4a98-961f-d2e94acc4de8","block_type":"box","text":"global telecom customers, declined amid modest growth expectations, continued telecom-customer spending pressure,","page_number":8,"box":{"x":94,"y":748,"width":813,"height":11}},{"id":"690de952-09ea-42aa-a9e7-80d80449e24f","block_type":"box","text":"and a broad software and IT-services sell-off on fears that AI-driven automation could erode demand, compounded by the","page_number":8,"box":{"x":94,"y":762,"width":813,"height":11}},{"id":"30f46e52-ae3c-4c9d-9b01-769f8a3b4bdf","block_type":"box","text":"announcement of a planned CEO transition.","page_number":8,"box":{"x":94,"y":776,"width":293,"height":11}},{"id":"46e14a56-ffd2-4b2c-9cf4-f640c5de445a","block_type":"box","text":"Recent performance has been challenged by a combination of macroeconomic concerns, uncertainty around the impact","page_number":8,"box":{"x":94,"y":801,"width":814,"height":11}},{"id":"798431eb-d26c-4bbf-af0e-655e0080fd19","block_type":"box","text":"of technological change across industries, and idiosyncratic developments weighing on the short-term fundamentals of a","page_number":8,"box":{"x":94,"y":816,"width":814,"height":10}},{"id":"f322680e-13b3-455b-badc-9d20b926714f","block_type":"box","text":"few large, high-conviction holdings. Despite these headwinds, we believe the current environment provides an exceptional","page_number":8,"box":{"x":94,"y":830,"width":813,"height":11}},{"id":"0eb8582f-be7c-46a8-903a-747ee509fb5e","block_type":"box","text":"long-term opportunity, given the portfolio's starting valuation and the breadth, magnitude, and quality of the opportunity","page_number":8,"box":{"x":94,"y":844,"width":818,"height":11}},{"id":"32841946-4b5e-403c-bff2-73ac85f7817f","block_type":"box","text":"set.","page_number":8,"box":{"x":95,"y":859,"width":20,"height":8}},{"id":"1a9b7ade-54af-4144-bc42-b776174df79c","block_type":"box","text":"Pzena Investment Management, LLC","page_number":8,"box":{"x":94,"y":883,"width":273,"height":11}},{"id":"1748ba2d-d237-4fb3-b9ab-77c981ed8ae4","block_type":"box","text":"July 2026","page_number":8,"box":{"x":94,"y":908,"width":73,"height":11}},{"id":"07c4ca9a-1c61-4d1f-a38b-a8114572cb4f","block_type":"box","text":"PZENA VALUE FUNDS PLC","page_number":9,"box":{"x":94,"y":42,"width":218,"height":8}},{"id":"1c123036-c5bd-4ee3-a9f9-5a46392ae47b","block_type":"box","text":"7","page_number":9,"box":{"x":496,"y":959,"width":7,"height":8}},{"id":"37652d8a-6691-4619-b14a-298dbd64bdfa","block_type":"box","text":"INVESTMENT MANAGER’S REPORT – PZENA EMERGING MARKETS SELECT VALUE FUND","page_number":9,"box":{"x":94,"y":81,"width":736,"height":8}},{"id":"1f8b350e-9e73-4625-9455-cd7eb2576e65","block_type":"box","text":"For the period ended 30 June 2026","page_number":9,"box":{"x":94,"y":95,"width":243,"height":11}},{"id":"be04e79c-0f2c-4755-b1ad-4659a293f03f","block_type":"box","text":"Background to Pzena Emerging Markets Select Value Fund (the “Sub-Fund”)","page_number":9,"box":{"x":94,"y":135,"width":561,"height":11}},{"id":"e1096337-d0ae-439f-8bcf-f1ebd7a46393","block_type":"box","text":"In managing the Fund’s assets, the Investment Manager conducts fundamental securities analysis and follows a classic value","page_number":9,"box":{"x":94,"y":149,"width":818,"height":11}},{"id":"22a72bc6-695b-4b19-b480-444af92d5ee6","block_type":"box","text":"strategy. It seeks to identify companies from non-developed countries among the 1000 largest by market capitalization, that","page_number":9,"box":{"x":95,"y":163,"width":817,"height":11}},{"id":"89ebfaf2-6ffa-4dd1-a302-ad544ca1ff6e","block_type":"box","text":"it believes are undervalued on the basis of current price relative to an estimated normal level of earnings, and constructs a","page_number":9,"box":{"x":94,"y":178,"width":818,"height":10}},{"id":"49d4cf6b-efad-4944-8f0b-fddc9b6e66ce","block_type":"box","text":"portfolio of generally 30 to 60 stocks that it believes are in the most undervalued portion of its universe. The Investment","page_number":9,"box":{"x":94,"y":192,"width":818,"height":11}},{"id":"96eca347-ec2c-4ac2-a2c2-1728f41397e2","block_type":"box","text":"Manager does not employ financial leverage in the management of the Fund’s assets and does not purchase derivative","page_number":9,"box":{"x":94,"y":206,"width":818,"height":11}},{"id":"47c697e5-9327-454c-9831-9ca68665bfb9","block_type":"box","text":"instruments for the Fund.","page_number":9,"box":{"x":94,"y":220,"width":174,"height":9}},{"id":"9410342d-9f08-47c1-a975-f97135569b93","block_type":"box","text":"Performance Review","page_number":9,"box":{"x":94,"y":245,"width":149,"height":9}},{"id":"2bdb7da1-6bbc-46c6-99a8-2cb0c3f83021","block_type":"box","text":"Emerging market equities rose over the first half of 2026, though the path was volatile and dispersion across countries","page_number":9,"box":{"x":94,"y":259,"width":818,"height":11}},{"id":"988ed239-7893-43d9-8598-ad487fc71a48","block_type":"box","text":"was pronounced. A promising start gave way to a sharp pullback as an escalating conflict in the Middle East and rising oil","page_number":9,"box":{"x":94,"y":274,"width":818,"height":11}},{"id":"af133e57-d10e-4c87-8738-50c919051cb1","block_type":"box","text":"prices weighed on sentiment, pressuring energy-importing economies and lifting the U.S. dollar. As tensions eased and oil","page_number":9,"box":{"x":94,"y":288,"width":818,"height":11}},{"id":"a944795c-cfb3-4277-9bed-7b473b5dc74d","block_type":"box","text":"prices fell in the second quarter, a powerful rally in artificial-intelligence-linked semiconductor companies drove markets","page_number":9,"box":{"x":94,"y":302,"width":818,"height":11}},{"id":"0483018b-8b32-4e37-a9f4-986824aff995","block_type":"box","text":"sharply higher, with South Korea and Taiwan leading on their heavy exposure to the semiconductor supply chain while","page_number":9,"box":{"x":95,"y":317,"width":817,"height":10}},{"id":"6731dd69-7440-454d-8954-1d55a9334943","block_type":"box","text":"China and several other markets lagged.","page_number":9,"box":{"x":94,"y":331,"width":268,"height":11}},{"id":"791a8d9d-80be-4645-87ca-98e1196c40f3","block_type":"box","text":"The Pzena Emerging Markets Select Value Fund was up but underperformed both the MSCI Emerging Markets Index","page_number":9,"box":{"x":94,"y":356,"width":818,"height":11}},{"id":"0659b25f-af72-4b60-ba61-dc16580c2adc","block_type":"box","text":"and the MSCI Emerging Markets Value Index. The information technology, financials, and industrials sectors contributed","page_number":9,"box":{"x":94,"y":370,"width":818,"height":11}},{"id":"9a6b0d3a-ddfa-419d-81be-3c0cc3c0461c","block_type":"box","text":"the most to absolute performance, while the consumer discretionary and communication services sectors were the largest","page_number":9,"box":{"x":94,"y":384,"width":818,"height":11}},{"id":"1c02988d-e472-41b3-96dc-8f95fa87d8f3","block_type":"box","text":"detractors.","page_number":9,"box":{"x":94,"y":399,"width":69,"height":8}},{"id":"3e25748d-4670-4202-9dfa-9e015c0ea1b4","block_type":"box","text":"Our biggest absolute detractors over the first half were Cognizant, Alibaba, and Shenzhou International. IT services","page_number":9,"box":{"x":94,"y":423,"width":818,"height":11}},{"id":"f7416ee4-27ad-40fd-b146-b0e32f15653b","block_type":"box","text":"provider Cognizant declined amid sector-wide weakness, as investor concern that AI-driven automation could erode","page_number":9,"box":{"x":94,"y":438,"width":818,"height":11}},{"id":"accb9632-d5df-47fc-a9d8-e34a2f2178ad","block_type":"box","text":"demand for traditional outsourcing and consulting, an accelerating shift toward outcome-based pricing, and softer near","page_number":9,"box":{"x":94,"y":452,"width":813,"height":11}},{"id":"8d1dac9e-b740-4883-9d92-2f041168af92","block_type":"box","text":"term guidance outweighed solid earnings, bookings growth, and improving margins, with the stock reaching a fresh 52-","page_number":9,"box":{"x":94,"y":466,"width":813,"height":11}},{"id":"21f88cd6-de1f-424f-85b7-e2840d13681c","block_type":"box","text":"week low late in the period after a large peer's reduced outlook and a series of analyst downgrades. Chinese technology","page_number":9,"box":{"x":94,"y":480,"width":818,"height":11}},{"id":"ebf7a954-8c6e-4958-a856-ac911a3ed0cc","block_type":"box","text":"company Alibaba Group declined as weak Chinese consumer spending, investor concerns around escalating cloud capital","page_number":9,"box":{"x":94,"y":495,"width":818,"height":11}},{"id":"e923019b-7d75-4a77-bafa-099e23b742df","block_type":"box","text":"expenditures and persistent losses in its quick-commerce business, and its addition to a U.S. Department of Defense list of","page_number":9,"box":{"x":94,"y":509,"width":818,"height":11}},{"id":"78711fd8-0473-4119-9a4b-dd541b7a5c4d","block_type":"box","text":"companies alleged to have ties to the Chinese military weighed on the stock, even as its cloud and AI businesses continued","page_number":9,"box":{"x":94,"y":523,"width":818,"height":11}},{"id":"ca5f51d1-67da-4435-8552-f7c8ff9e4d62","block_type":"box","text":"to grow. Shenzhou International, a China-based apparel manufacturer, declined as weak annual results reflecting margin","page_number":9,"box":{"x":94,"y":537,"width":818,"height":11}},{"id":"c717e864-8337-4d8c-963e-a4ae1d252e11","block_type":"box","text":"compression from tariff-sharing and cost pressures, adverse foreign-exchange impacts, and softer demand from key global","page_number":9,"box":{"x":94,"y":552,"width":818,"height":11}},{"id":"25b4d4f6-876a-4489-8d80-34d2a6823935","block_type":"box","text":"apparel customers, particularly Nike and PUMA, weighed on the stock, compounded by concerns over conflict-related","page_number":9,"box":{"x":94,"y":566,"width":818,"height":11}},{"id":"c5b6a00a-b3bd-455b-93f2-95ffb5086bcf","block_type":"box","text":"input-cost pressure on synthetic materials.","page_number":9,"box":{"x":94,"y":580,"width":282,"height":11}},{"id":"9dcaa50f-3113-404f-9df8-64a181253de5","block_type":"box","text":"The top contributors over the first half were Samsung Electronics, Taiwan Semiconductor Manufacturing Co., and Weichai","page_number":9,"box":{"x":94,"y":605,"width":818,"height":11}},{"id":"6cec0217-3813-4aeb-b67d-279b49d27344","block_type":"box","text":"Power. Korean memory chip and smartphone manufacturer Samsung Electronics rose sharply as an accelerating DRAM","page_number":9,"box":{"x":94,"y":619,"width":818,"height":11}},{"id":"40544270-56a1-4056-b43f-d739f0f659a1","block_type":"box","text":"(dynamic random-access memory) upcycle drove memory prices and profitability higher, with preliminary first-quarter","page_number":9,"box":{"x":95,"y":634,"width":817,"height":11}},{"id":"631df269-886f-4ecf-aafc-a8061d336188","block_type":"box","text":"operating profit exceeding its full-year 2025 level and expectations building for DRAM shortages through at least 2027.","page_number":9,"box":{"x":94,"y":648,"width":818,"height":11}},{"id":"3aaeaef1-99b2-490b-adc3-07bd96acefcd","block_type":"box","text":"Continued progress in high-bandwidth memory for AI customers, including shipments of next-generation HBM4 and","page_number":9,"box":{"x":94,"y":662,"width":818,"height":11}},{"id":"2fa29863-9e7c-4e3f-b1be-f7754f1fbfc6","block_type":"box","text":"HBM4E samples, reinforced confidence in its AI-related memory business. Taiwan Semiconductor Manufacturing Co.","page_number":9,"box":{"x":94,"y":676,"width":818,"height":11}},{"id":"c9b9d76a-e0e0-4bba-89fa-6d39fafff0d2","block_type":"box","text":"(TSMC) advanced on sustained AI-driven demand for advanced-node chips, with strong quarterly results, record revenues,","page_number":9,"box":{"x":95,"y":691,"width":812,"height":11}},{"id":"c578de84-15a5-431f-a877-a3ea4893a258","block_type":"box","text":"and raised capital spending alongside expanded U.S. manufacturing plans reinforcing its advanced-node leadership, as","page_number":9,"box":{"x":94,"y":705,"width":813,"height":11}},{"id":"bdc020ce-cfee-4365-a2c9-19878e5274fa","block_type":"box","text":"demand for advanced chip capacity continued to outpace the company's conservative capacity expansion. Weichai Power,","page_number":9,"box":{"x":94,"y":719,"width":813,"height":11}},{"id":"0ac5b9f2-883d-4ec2-8453-ee8cdf313646","block_type":"box","text":"the Chinese truck and engine manufacturer, advanced on strong demand for large-bore engines tied to the data-center and","page_number":9,"box":{"x":94,"y":734,"width":814,"height":10}},{"id":"016250df-be70-4167-87aa-be72f982a616","block_type":"box","text":"infrastructure buildout and for LNG (liquefied natural gas) heavy-duty trucks, with solid results, a solid-oxide fuel cell","page_number":9,"box":{"x":94,"y":748,"width":813,"height":11}},{"id":"4f47a3f7-e151-42b2-b0d6-18191c093c0b","block_type":"box","text":"partnership with Ceres Power, and continued share repurchases supporting the gains, though it gave back part of the run","page_number":9,"box":{"x":94,"y":762,"width":814,"height":11}},{"id":"ed54a10b-ab75-4ac9-aff5-92a4ef4407cd","block_type":"box","text":"late in the period as the data-center demand theme cooled.","page_number":9,"box":{"x":94,"y":776,"width":389,"height":11}},{"id":"d4d7d382-3274-4063-be8e-b923350164f3","block_type":"box","text":"While macroeconomic uncertainty and geopolitical risks continue to drive volatility across emerging markets, dispersion","page_number":9,"box":{"x":94,"y":801,"width":814,"height":11}},{"id":"7fd99e9f-fbe8-443d-9bc2-f2e6ecac1cfe","block_type":"box","text":"remains elevated. We continue to find opportunities in companies where near-term concerns obscure normalized earnings","page_number":9,"box":{"x":94,"y":815,"width":813,"height":11}},{"id":"da6e4fcd-0107-482c-b8b5-374ae09cd43b","block_type":"box","text":"power, and portfolio valuations remain compelling relative to long-term fundamentals. Our largest sector exposure remains","page_number":9,"box":{"x":94,"y":830,"width":813,"height":11}},{"id":"e6f92ff7-53ca-461b-90e5-aae19f2bb51d","block_type":"box","text":"in financials, and the portfolio continues to be concentrated in Asia, with the largest country weights in China, Brazil, and","page_number":9,"box":{"x":94,"y":844,"width":818,"height":11}},{"id":"a06da74b-20a2-435a-9a14-c28075e6127c","block_type":"box","text":"Korea.","page_number":9,"box":{"x":94,"y":859,"width":44,"height":8}},{"id":"b9087f66-76f5-404a-a801-d506fe9f2e88","block_type":"box","text":"Pzena Investment Management, LLC","page_number":9,"box":{"x":94,"y":883,"width":273,"height":11}},{"id":"71517866-76ab-48fa-b577-d0d162829835","block_type":"box","text":"July 2026","page_number":9,"box":{"x":94,"y":908,"width":73,"height":11}},{"id":"43f6b593-9e31-4e83-99f7-16b2071344e7","block_type":"box","text":"PZENA VALUE FUNDS PLC","page_number":10,"box":{"x":94,"y":42,"width":218,"height":8}},{"id":"36baa190-0099-4cb0-bca2-c3c982dd060b","block_type":"box","text":"8","page_number":10,"box":{"x":496,"y":959,"width":7,"height":8}},{"id":"775f2c9c-67ce-4072-9f77-ea5a5ad1aaa6","block_type":"box","text":"INVESTMENT MANAGER’S REPORT – PZENA EUROPE EX-UK FOCUSED VALUE FUND","page_number":10,"box":{"x":94,"y":81,"width":694,"height":8}},{"id":"a7004302-c8b5-4673-b3fd-f0d91ee38feb","block_type":"box","text":"For the period ended 30 June 2026","page_number":10,"box":{"x":94,"y":95,"width":243,"height":11}},{"id":"b99f93dc-b40b-478e-9195-6e3e2a50fe76","block_type":"box","text":"Background to Pzena Europe ex-UK Focused Value Fund (the “Sub-Fund”)","page_number":10,"box":{"x":94,"y":135,"width":546,"height":11}},{"id":"ba40f500-d15b-46da-bb4c-c033d19c5176","block_type":"box","text":"In managing the Fund’s assets, the Investment Manager conducts fundamental securities analysis and follows a classic","page_number":10,"box":{"x":94,"y":149,"width":818,"height":11}},{"id":"ae7cc779-4660-48c9-9d6e-ee8cdd4b8712","block_type":"box","text":"value strategy. It seeks to identify European (ex-UK) companies among the 600 largest by market capitalization, that it","page_number":10,"box":{"x":94,"y":163,"width":818,"height":11}},{"id":"58678119-2675-4bda-8f63-62a8b0a620a6","block_type":"box","text":"believes are undervalued on the basis of current price relative to an estimated normal level of earnings and constructs a","page_number":10,"box":{"x":94,"y":178,"width":818,"height":10}},{"id":"0981c585-303b-466d-8911-de3064510ab5","block_type":"box","text":"portfolio of 30 to 50 stocks that it believes represent the most undervalued portion of its universe. The Investment Manager","page_number":10,"box":{"x":94,"y":192,"width":818,"height":11}},{"id":"81d31f10-7330-4dc7-8d0e-9686a168b5ac","block_type":"box","text":"does not employ financial leverage in the management of the Fund’s assets and does not purchase derivative instruments","page_number":10,"box":{"x":94,"y":206,"width":818,"height":11}},{"id":"937c544a-545a-4cd7-a250-44acf8c0c574","block_type":"box","text":"for the Fund.","page_number":10,"box":{"x":94,"y":220,"width":86,"height":9}},{"id":"ec576ae3-cea5-4c1c-8c70-d297df79f876","block_type":"box","text":"Performance Review","page_number":10,"box":{"x":94,"y":245,"width":149,"height":9}},{"id":"b27e757f-4947-43a3-a06c-74bdc4cfee34","block_type":"box","text":"European equities were volatile over the first half of 2026 but advanced, supported by a strong second quarter. Early","page_number":10,"box":{"x":94,"y":259,"width":818,"height":11}},{"id":"ef47d7e8-0314-4220-ac71-66aa6e5bd004","block_type":"box","text":"in the year, an escalating conflict in the Middle East and a sharp rise in energy prices increased inflation concerns and","page_number":10,"box":{"x":94,"y":274,"width":818,"height":11}},{"id":"94ce92f1-c000-4d64-a67f-1b323825daef","block_type":"box","text":"weighed on growth expectations, pressuring more economically sensitive areas while energy-related segments proved","page_number":10,"box":{"x":94,"y":288,"width":818,"height":11}},{"id":"111bc1e6-4bda-4f2e-a9ab-0d88a4f3a14e","block_type":"box","text":"more resilient. As tensions eased and oil prices fell in the second quarter, sentiment improved and the broad regional","page_number":10,"box":{"x":94,"y":302,"width":818,"height":11}},{"id":"e92c6602-7241-4908-b321-9335628a78c0","block_type":"box","text":"market reached new highs, with a rotation into rate-sensitive and consumer-facing areas even as the backdrop remained","page_number":10,"box":{"x":94,"y":317,"width":818,"height":10}},{"id":"f576e9a9-033c-45cb-9119-1ca1007539c9","block_type":"box","text":"challenged by soft manufacturing activity and divergent central-bank expectations. Overall, dispersion across markets,","page_number":10,"box":{"x":94,"y":331,"width":818,"height":11}},{"id":"2900b2f8-1cab-41a4-85f9-872fd9b67839","block_type":"box","text":"sectors, and individual stocks remained elevated.","page_number":10,"box":{"x":95,"y":345,"width":326,"height":10}},{"id":"1f093c94-821e-499b-8b4c-2234ce4e106f","block_type":"box","text":"The Pzena Europe ex-UK Focused Value Fund was up but modestly underperformed the MSCI Europe ex UK Index,","page_number":10,"box":{"x":94,"y":370,"width":818,"height":11}},{"id":"d1be4127-c056-4e81-ac54-4b4a70a17cf6","block_type":"box","text":"while performing broadly in line with the MSCI Europe ex-UK Value Index. The financials, materials, and energy sectors","page_number":10,"box":{"x":94,"y":384,"width":818,"height":11}},{"id":"ca8156d7-c813-4104-8062-4eb570481fda","block_type":"box","text":"contributed the most to absolute performance, while the industrials, information technology, and consumer discretionary","page_number":10,"box":{"x":94,"y":399,"width":818,"height":10}},{"id":"b09beeb8-d92b-4600-8686-dd4db2da24c4","block_type":"box","text":"sectors were the largest detractors.","page_number":10,"box":{"x":95,"y":413,"width":229,"height":11}},{"id":"822fbefb-e58b-4101-a0e3-ef3e1733a8d8","block_type":"box","text":"Our biggest absolute detractors over the first half were Accenture, Samsonite, and Randstad. Global IT services provider","page_number":10,"box":{"x":94,"y":438,"width":818,"height":11}},{"id":"19ea4b64-489f-43a5-89ba-6d61b518b7ff","block_type":"box","text":"Accenture declined amid cyclical IT-spending headwinds and fears of AI-driven disruption to traditional IT services,","page_number":10,"box":{"x":94,"y":452,"width":818,"height":11}},{"id":"b9b94888-600b-4198-9384-929346bee7da","block_type":"box","text":"with the pressure intensifying late in the period after management reduced its full-year revenue guidance and raised its","page_number":10,"box":{"x":94,"y":466,"width":818,"height":11}},{"id":"d91d6139-f3c5-4569-83b5-0f81fd030917","block_type":"box","text":"acquisition spend. Samsonite, a luggage manufacturer, declined as softer travel demand, continued wholesale weakness,","page_number":10,"box":{"x":94,"y":480,"width":818,"height":11}},{"id":"c1bb8e62-6ef1-455c-ad1d-3e9f7ed2f241","block_type":"box","text":"and margin compression from higher freight and inflation weighed on results, with the Middle East conflict adding a further","page_number":10,"box":{"x":94,"y":495,"width":818,"height":11}},{"id":"913d2c50-b52a-4f1c-a1f5-dac54e4a2843","block_type":"box","text":"drag, despite solid pricing power and tariff-mitigation actions. European staffing firm Randstad declined as persistently","page_number":10,"box":{"x":94,"y":509,"width":818,"height":11}},{"id":"887c84ba-14e2-4171-bdfe-a0ccbd61506d","block_type":"box","text":"weak staffing demand, particularly in white-collar and professional hiring, weighed on revenue and margins amid a soft","page_number":10,"box":{"x":94,"y":523,"width":818,"height":11}},{"id":"71d2d68e-a525-4376-9bab-5ef976b734a0","block_type":"box","text":"European macroeconomic backdrop and continued hiring caution, with weak fourth-quarter results and guidance for","page_number":10,"box":{"x":94,"y":538,"width":818,"height":10}},{"id":"aad2339d-40dc-47fb-83ae-b2464f1ce722","block_type":"box","text":"further margin compression reinforcing the pressure.","page_number":10,"box":{"x":94,"y":552,"width":353,"height":11}},{"id":"b32369de-59e5-4ef2-9bc3-2ca24b4c7b33","block_type":"box","text":"The top contributors over the first half were Equinor, Nokia, and Bayer. 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The Administrator is also","page_number":73,"box":{"x":128,"y":758,"width":779,"height":11}},{"id":"8346ea7a-2cb5-4750-a8a1-c5de8e023a44","block_type":"box","text":"entitled to be paid out of the assets of each Sub-Fund all of its reasonable out-of-pocket expenses incurred on behalf","page_number":73,"box":{"x":128,"y":772,"width":781,"height":11}},{"id":"906c8046-b9e8-4117-8e36-f0565cc006f8","block_type":"box","text":"of the Fund in the performance of its duties.","page_number":73,"box":{"x":128,"y":787,"width":293,"height":11}},{"id":"1b46996f-9362-44e0-ab20-ad360535f328","block_type":"box","text":"The following rates are applicable:","page_number":73,"box":{"x":128,"y":812,"width":232,"height":10}},{"id":"2491bf4c-4707-4c61-b620-8aaf68227c4e","block_type":"box","text":"Fund Valuation, Accounting and Financial Reporting*","page_number":73,"box":{"x":128,"y":837,"width":388,"height":10}},{"id":"fbbdc8b8-4b53-44fc-a001-de64e9378b37","block_type":"box","text":"Tier per 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For this purpose,","page_number":76,"box":{"x":128,"y":498,"width":784,"height":11}},{"id":"2f8480fe-c8dd-4faa-b5b8-d8f31957c92e","block_type":"box","text":"the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement","page_number":76,"box":{"x":128,"y":512,"width":784,"height":11}},{"id":"1a5890bd-0d3a-4f97-a8d5-e199900f843d","block_type":"box","text":"uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level","page_number":76,"box":{"x":127,"y":526,"width":785,"height":11}},{"id":"37a4a5f7-c661-454b-96dc-0041fdf8a91d","block_type":"box","text":"3 measurement. 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Director fees of US$","page_number":79,"box":{"x":204,"y":295,"width":276,"height":11}},{"id":"d41f16c2-7ee0-4ecf-88d9-3a850f3e4b71","block_type":"box","text":"5,807","page_number":79,"box":{"x":481,"y":295,"width":37,"height":10}},{"id":"4ca8dcf5-70a7-405d-92d6-0cca1e1a44a3","block_type":"box","text":"(","page_number":79,"box":{"x":518,"y":295,"width":12,"height":11}},{"id":"9d6d7333-2b82-4534-986d-26f81a3e1819","block_type":"box","text":"31 December 2025","page_number":79,"box":{"x":531,"y":295,"width":130,"height":8}},{"id":"5d312229-4343-4933-887f-a13763124402","block_type":"box","text":": US$","page_number":79,"box":{"x":664,"y":295,"width":38,"height":9}},{"id":"0a3a597f-e22f-4d0a-bbdd-66afb4ecfb5a","block_type":"box","text":"361","page_number":79,"box":{"x":704,"y":295,"width":22,"height":8}},{"id":"b3ba2466-1099-4092-9104-183ed6013109","block_type":"box","text":") were payable to Donard","page_number":79,"box":{"x":729,"y":295,"width":183,"height":11}},{"id":"31f0208a-e145-47d6-a660-80ee8a26415c","block_type":"box","text":"McClean and Maurice Murphy at the period-end.","page_number":79,"box":{"x":128,"y":309,"width":334,"height":11}},{"id":"63f9c0a0-2224-48c6-90cf-a202311ad0b5","block_type":"box","text":"During the period ended 30 June 2026, Aengus Galloway purchased 1,873.55 share in Pzena Emerging Markets","page_number":79,"box":{"x":128,"y":334,"width":784,"height":11}},{"id":"d97dd783-3cde-49dd-9acf-e20b1631a67f","block_type":"box","text":"Select Value Fund during the period. As at 30 June 2026, Aengus Galloway held 1,873.55 shares in Pzena Emerging","page_number":79,"box":{"x":128,"y":348,"width":784,"height":11}},{"id":"d440d0c5-7563-409c-8b07-b775cae13289","block_type":"box","text":"Markets Select Value Fund (31 December 2025: Nil).","page_number":79,"box":{"x":128,"y":363,"width":362,"height":10}},{"id":"9fcc9cca-bf2a-43f0-a5c1-d66e3dda0d7a","block_type":"box","text":"During the period ended 30 June 2026, Aengus Galloway sold 835.93 shares in Pzena US Large Cap Value Fund","page_number":79,"box":{"x":128,"y":388,"width":784,"height":10}},{"id":"a3c1a0b8-1734-490a-af7e-9c9bd9070a85","block_type":"box","text":"during the period. As at 30 June 2026, Aengus Galloway held nil shares in Pzena US Large Cap Value Fund (31","page_number":79,"box":{"x":128,"y":402,"width":784,"height":11}},{"id":"4bed0037-2219-44cc-85f4-f559ae87d2be","block_type":"box","text":"December 2025: 833.62).","page_number":79,"box":{"x":128,"y":416,"width":175,"height":11}},{"id":"1c253b81-98c8-45ac-adf8-a9a21f24532b","block_type":"box","text":"7","page_number":79,"box":{"x":94,"y":441,"width":12,"height":8}},{"id":"c4a9eca3-6b5b-46b9-965f-ed82ff229404","block_type":"box","text":"Soft Commission Arrangements","page_number":79,"box":{"x":128,"y":441,"width":227,"height":11}},{"id":"c64060b1-d6b9-48b8-b2c3-0da9cad2d60d","block_type":"box","text":"When purchasing and selling securities for the Company, the Investment Manager will obtain the best execution","page_number":79,"box":{"x":128,"y":466,"width":784,"height":11}},{"id":"9fda5cab-7be7-4654-89b3-44d90a3045f3","block_type":"box","text":"available to the Company. When selecting broker-dealers to execute portfolio transactions for the Company,","page_number":79,"box":{"x":128,"y":480,"width":784,"height":11}},{"id":"0cd130f1-cd18-4a92-9af5-c7a625a2b865","block_type":"box","text":"consideration is given to such factors as the price of the security, the rate of any commission, the size and difficulty","page_number":79,"box":{"x":128,"y":494,"width":784,"height":11}},{"id":"49e0e267-af6c-4642-bb4d-5121b250423e","block_type":"box","text":"of the order, the reliability, integrity, financial condition, general execution and operational capabilities for competing","page_number":79,"box":{"x":128,"y":509,"width":784,"height":11}},{"id":"da6c69ef-7657-482d-ab81-11d724febaaf","block_type":"box","text":"broker-dealers, and brokerage or research services that they provide.","page_number":79,"box":{"x":127,"y":523,"width":464,"height":11}},{"id":"cb19a46f-c223-49d1-a743-bd1aa2618388","block_type":"box","text":"The Investment Manager trades soft dollar commission in conjunction with best execution policy. As a result, the","page_number":79,"box":{"x":128,"y":548,"width":784,"height":11}},{"id":"92e8e110-6274-4fec-b176-e851e41ecbac","block_type":"box","text":"Company is deemed to be paying for research products and services with “soft” or commission dollars. These services","page_number":79,"box":{"x":128,"y":562,"width":784,"height":11}},{"id":"5c746df3-8d5b-4735-a618-327e5adb83ba","block_type":"box","text":"include: advice, either directly or through publications or writing, as to the value of securities, the advisability of","page_number":79,"box":{"x":128,"y":576,"width":784,"height":11}},{"id":"8db480a5-bac6-4486-b873-860bfbd8017c","block_type":"box","text":"investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities;","page_number":79,"box":{"x":128,"y":591,"width":784,"height":10}},{"id":"7b7f9d64-267e-47a3-935f-e05f3c800bbe","block_type":"box","text":"furnishing of analyses and reports concerning issuers, securities or industries; providing information on economic","page_number":79,"box":{"x":128,"y":605,"width":784,"height":11}},{"id":"7fc4f92b-69f0-4ddd-b958-9dc694e3e9fb","block_type":"box","text":"factors and trends; and other products or services (e.g., quotation equipment and certain computer-related costs and","page_number":79,"box":{"x":128,"y":619,"width":784,"height":11}},{"id":"a56e2885-aef1-4dbb-a6e9-a2b97d372a63","block_type":"box","text":"expenses).","page_number":79,"box":{"x":128,"y":633,"width":74,"height":11}},{"id":"22682333-50fe-4e9b-b326-35506378e350","block_type":"box","text":"The products and services available from brokers include both internally generated items (such as research reports","page_number":79,"box":{"x":128,"y":658,"width":784,"height":11}},{"id":"aa691cd3-9077-495c-81d7-50ee527b21d4","block_type":"box","text":"prepared by employees of the broker) as well as items acquired by the broker from third parties (such as quotation","page_number":79,"box":{"x":127,"y":673,"width":785,"height":10}},{"id":"0328f622-5537-4158-97b4-5d37af133f5b","block_type":"box","text":"equipment). Such services are used by the Investment Manager in connection with its investment decision-making","page_number":79,"box":{"x":128,"y":687,"width":784,"height":11}},{"id":"b540f811-a1fd-4524-961a-db3e2c786220","block_type":"box","text":"process with respect to one or more accounts managed by the Investment Manager and may not be used exclusively","page_number":79,"box":{"x":127,"y":701,"width":781,"height":11}},{"id":"d38e95d4-95dc-49cb-8a93-625d3b342d78","block_type":"box","text":"with respect to the Company.","page_number":79,"box":{"x":128,"y":715,"width":194,"height":11}},{"id":"2af8ff1d-5319-4c68-a01f-1b2406038513","block_type":"box","text":"The Investment Manager, in accordance with the Investment Manager counterparty selection policy selects the","page_number":79,"box":{"x":128,"y":740,"width":779,"height":11}},{"id":"13015aa4-7a98-4e86-84c8-cdb444901de0","block_type":"box","text":"executing brokers used by the Company. Neither the Investment Manager nor any of its affiliates share directly in any","page_number":79,"box":{"x":128,"y":755,"width":780,"height":10}},{"id":"08e87b88-40a1-43b4-9062-e9c6b298ccab","block_type":"box","text":"of the revenues generated by the Company’s brokerage or over-the-counter transactions.","page_number":79,"box":{"x":128,"y":769,"width":591,"height":11}},{"id":"0a32ce9f-f8b0-4f10-9995-f929a94e02d1","block_type":"box","text":"The Investment Manager utilises a minimum number of soft dollar brokers to administer soft dollar payments to","page_number":79,"box":{"x":128,"y":794,"width":779,"height":11}},{"id":"dfa74dd8-ff63-4ca6-a17e-b0ca602209ec","block_type":"box","text":"third party vendors. As trades are executed with the Investment Manager’s soft dollar brokers, the commissions are","page_number":79,"box":{"x":128,"y":808,"width":779,"height":11}},{"id":"fae93226-2aa8-4311-b315-0d8142492980","block_type":"box","text":"not allocated to any specific expense, but aggregated in an account that can be used to pay any number of vendors.","page_number":79,"box":{"x":128,"y":822,"width":778,"height":11}},{"id":"c1a32ade-ce58-4046-84b4-4b4df5c5ec3b","block_type":"box","text":"Commissions from any one client are not allocated to any individual expense.","page_number":79,"box":{"x":128,"y":837,"width":521,"height":10}},{"id":"65cf4bad-a9ab-415a-9ea7-c2e3341b94c2","block_type":"box","text":"During the period ended 3","page_number":79,"box":{"x":128,"y":862,"width":164,"height":10}},{"id":"1a7174de-419b-4c8a-a902-c2cca236df75","block_type":"box","text":"30 June 2026","page_number":79,"box":{"x":292,"y":862,"width":86,"height":8}},{"id":"b656a2a4-338f-4be7-a6a8-d14dd97451a6","block_type":"box","text":", the brokers received US$394,206 in commissions (","page_number":79,"box":{"x":380,"y":861,"width":343,"height":11}},{"id":"4d28655c-45ea-4807-886f-5bbcd0d5ddd0","block_type":"box","text":"30 June 2025","page_number":79,"box":{"x":724,"y":862,"width":86,"height":8}},{"id":"cc47962d-afac-489c-99fc-d6d90c26e8e1","block_type":"box","text":": US$111,312)","page_number":79,"box":{"x":812,"y":861,"width":100,"height":11}},{"id":"a701b819-f5f2-4c7d-a94c-26a98406195a","block_type":"box","text":"all of which relates to third party commissions paid by the Company.","page_number":79,"box":{"x":128,"y":876,"width":462,"height":11}},{"id":"e07b0cf7-eb89-475d-bb0f-cb5ebfa51f06","block_type":"box","text":"6","page_number":79,"box":{"x":94,"y":135,"width":12,"height":8}},{"id":"b696117b-0a57-47d7-b925-d05330ff096c","block_type":"box","text":"Related Party Transactions (Continued)","page_number":79,"box":{"x":128,"y":135,"width":285,"height":10}},{"id":"02405cae-7108-4c52-bd92-a9dc1bfc2f5c","block_type":"box","text":"PZENA VALUE FUNDS PLC","page_number":80,"box":{"x":94,"y":42,"width":218,"height":8}},{"id":"aab3f21a-da11-49e3-a7ae-04c7932ea19f","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (Continued)","page_number":80,"box":{"x":94,"y":81,"width":429,"height":10}},{"id":"97f218ce-c0d0-49b9-ad46-cf64b98a7191","block_type":"box","text":"For the period ended 30 June 2026","page_number":80,"box":{"x":94,"y":95,"width":243,"height":11}},{"id":"e586315c-e9c1-4707-ab1d-f883fd2fc83f","block_type":"box","text":"78","page_number":80,"box":{"x":492,"y":959,"width":15,"height":8}},{"id":"9c724cee-42b9-4c8e-9177-be4b7f3a598e","block_type":"box","text":"79","page_number":80,"box":{"x":1000,"y":959,"width":0,"height":8}},{"id":"650ecc61-22d8-478e-99e7-a5d1dbae915b","block_type":"box","text":"8","page_number":80,"box":{"x":94,"y":135,"width":12,"height":8}},{"id":"008c37b5-1141-437f-ab35-f2f06aeb50a8","block_type":"box","text":"Swing Pricing","page_number":80,"box":{"x":128,"y":135,"width":99,"height":10}},{"id":"ef7a03f3-947c-4038-bc09-1af937ad0c43","block_type":"box","text":"Effective 1 February 2024, Pzena Global Focused Value Fund, Pzena U.S. Large Cap Value Fund, Pzena Emerging","page_number":80,"box":{"x":128,"y":159,"width":784,"height":11}},{"id":"68db4172-c723-4b30-b8de-93139d533b60","block_type":"box","text":"Markets Focused Value Fund, Pzena Global Value Fund, Pzena Emerging Markets Select Value Fund and Pzena","page_number":80,"box":{"x":128,"y":174,"width":784,"height":10}},{"id":"2762f264-e7a7-493a-b6e2-e8eaa3370f0b","block_type":"box","text":"Europe ex-UK Focused Value Fund applied a swing-pricing mechanism to counter the dilution of the Fund’s assets","page_number":80,"box":{"x":128,"y":188,"width":784,"height":11}},{"id":"0b51e0cf-63ed-4c41-a2bb-0e0fafb427ed","block_type":"box","text":"and protect shareholders from the impact of transaction costs arising from subscription and redemption activity. All","page_number":80,"box":{"x":128,"y":202,"width":784,"height":11}},{"id":"14ddca1f-6625-476f-8506-2060b0e1a9b2","block_type":"box","text":"the Sub-Funds will adopt a ‘partial swing’ approach and adjust the Net Asset Value on every Subscription Date or","page_number":80,"box":{"x":128,"y":216,"width":784,"height":11}},{"id":"eeb94f35-0985-4d0b-afaf-57da868840b1","block_type":"box","text":"Redemption Date where there is net capital activity that exceeds a specified threshold, using a swing factor. Prior to 1","page_number":80,"box":{"x":128,"y":231,"width":784,"height":10}},{"id":"176ae83d-d28b-4af3-a212-02195c700716","block_type":"box","text":"February 2024, the Pzena Global Value Fund and Pzena Europe ex-UK Focused Value Fund applied the ‘full swing’","page_number":80,"box":{"x":128,"y":245,"width":784,"height":11}},{"id":"53bfffef-f9c0-4273-8ecb-a81f49a89bcb","block_type":"box","text":"pricing mechanism, and the Pzena Global Focused Value Fund, Pzena U.S. Large Cap Value Fund, Pzena Emerging","page_number":80,"box":{"x":127,"y":259,"width":785,"height":11}},{"id":"d6e167a7-2fd8-43ff-b465-b1e7892bc3c5","block_type":"box","text":"Markets Focused Value Fund and Pzena Emerging Markets Select Value Fund applied the anti-dilution levy (ADL)","page_number":80,"box":{"x":128,"y":273,"width":784,"height":11}},{"id":"5041fccf-e000-4aac-9a6e-1ee1784d890d","block_type":"box","text":"mechanism.","page_number":80,"box":{"x":128,"y":288,"width":79,"height":8}},{"id":"0a3ecaf1-4b52-4fbd-b70e-6649acda4057","block_type":"box","text":"The direction of the swing will be determined by the net capital flows and the Net Asset Value may be adjusted","page_number":80,"box":{"x":128,"y":313,"width":784,"height":10}},{"id":"d0381e03-a666-4f69-90b3-f50dbdf3f229","block_type":"box","text":"upward or downward. 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The number of Shares held is 446,772","page_number":83,"box":{"x":128,"y":615,"width":784,"height":11}},{"id":"440117b1-67d7-4a9f-92d2-423c75b8b217","block_type":"box","text":"which amounted to 24.17% of the Share (","page_number":83,"box":{"x":128,"y":629,"width":273,"height":11}},{"id":"62b5b9db-aa1d-44a4-8d76-1768a643d1a7","block_type":"box","text":"31 December 2025","page_number":83,"box":{"x":402,"y":629,"width":125,"height":9}},{"id":"beb98273-1fff-4950-ae26-67361e5d2736","block_type":"box","text":": 558,616 Shares which amounted to 27.99% of the Share","page_number":83,"box":{"x":529,"y":629,"width":383,"height":11}},{"id":"f117b0a2-c22c-4073-8b26-03f71944474c","block_type":"box","text":"Capital).","page_number":83,"box":{"x":128,"y":644,"width":62,"height":10}},{"id":"c6468b48-e033-40c7-854d-961b99c0c442","block_type":"box","text":"As at","page_number":83,"box":{"x":128,"y":669,"width":38,"height":8}},{"id":"cc836737-a9da-4d34-a05f-8f5c373f9a05","block_type":"box","text":"30 June 2026","page_number":83,"box":{"x":167,"y":669,"width":88,"height":8}},{"id":"8723e233-5dcb-479c-a00b-ab9172d0ac16","block_type":"box","text":", together with comparative figures for","page_number":83,"box":{"x":256,"y":669,"width":261,"height":10}},{"id":"c6d19a0a-38e8-46df-bf80-c346dcb2203b","block_type":"box","text":"31 December 2025","page_number":83,"box":{"x":517,"y":669,"width":126,"height":8}},{"id":"53383c90-1aab-4d5a-8f0f-bdbfd914200b","block_type":"box","text":", two Shareholders of Pzena U.S. Large","page_number":83,"box":{"x":645,"y":669,"width":267,"height":10}},{"id":"c98e51f1-e60e-400e-a3e6-e16c58c9b64d","block_type":"box","text":"Cap Value Fund had interests in excess of 20% of the issued Share Capital. The number of Shares held were 22,811","page_number":83,"box":{"x":128,"y":683,"width":784,"height":11}},{"id":"03fb6480-9a2d-4759-97d7-070c1827c72a","block_type":"box","text":"and 18,099 which amounted to 31.90% and 25.31% of the Share Capital, respectively (","page_number":83,"box":{"x":128,"y":697,"width":594,"height":11}},{"id":"b78034aa-b34d-4191-a699-fca1161eda9b","block_type":"box","text":"31 December 2025","page_number":83,"box":{"x":723,"y":697,"width":128,"height":9}},{"id":"a20525cc-7a4f-4d07-830a-ed402a04783b","block_type":"box","text":": 37,621","page_number":83,"box":{"x":853,"y":697,"width":53,"height":10}},{"id":"0c75e312-0b96-4c83-b2bd-7d1070c8732c","block_type":"box","text":"Shares and 31,283 which amounted to 33.46% and 27.83% of the Share Capital, respectively).","page_number":83,"box":{"x":128,"y":711,"width":633,"height":11}},{"id":"09cfcf0a-978c-4709-ab4f-40ae3ce984f6","block_type":"box","text":"As at","page_number":83,"box":{"x":128,"y":737,"width":35,"height":8}},{"id":"37c680b1-a6b6-4505-bf6e-f88f344ce1e1","block_type":"box","text":"30 June 2026","page_number":83,"box":{"x":169,"y":737,"width":91,"height":8}},{"id":"3182bc6b-1ef6-4774-84cc-51bcde1f169d","block_type":"box","text":", together with comparative figures for","page_number":83,"box":{"x":261,"y":736,"width":263,"height":11}},{"id":"762b9f9b-9dda-4d0a-bf1d-0d1726f6b1f4","block_type":"box","text":"31 December 2025","page_number":83,"box":{"x":530,"y":736,"width":128,"height":9}},{"id":"cadcf7cb-bc4a-42ca-8d0e-e6ef5cda1c4f","block_type":"box","text":", no Shareholder of Pzena Emerging","page_number":83,"box":{"x":660,"y":736,"width":247,"height":11}},{"id":"6a9cbadf-f062-47fe-a951-aa1a214a1074","block_type":"box","text":"Markets Focused Value Fund had interests in excess of 20% of the issued Share Capital. The number of Shares held","page_number":83,"box":{"x":128,"y":751,"width":780,"height":10}},{"id":"7b81e20e-7ae1-43c5-8e5d-6da2b90c77ef","block_type":"box","text":"were Nil which amounted to Nil% of the Share Capital (","page_number":83,"box":{"x":128,"y":765,"width":382,"height":11}},{"id":"91848028-c929-4423-a43f-1ac00f2e2372","block_type":"box","text":"31 December 2025","page_number":83,"box":{"x":511,"y":765,"width":127,"height":8}},{"id":"e4298e31-a1fd-433a-bd8f-83942a33ba28","block_type":"box","text":": 648,985 and 527,739 which amounted","page_number":83,"box":{"x":641,"y":765,"width":267,"height":10}},{"id":"784dbf9e-5e78-4839-a506-768c233186b3","block_type":"box","text":"to 26.50% and 21.55% of the Share Capital, respectively).","page_number":83,"box":{"x":128,"y":779,"width":389,"height":11}},{"id":"63e3d11b-55bf-40ae-be64-802aeb9a0c6d","block_type":"box","text":"As at","page_number":83,"box":{"x":128,"y":804,"width":36,"height":8}},{"id":"17023337-a6ce-4480-b4eb-d9d52ee58577","block_type":"box","text":"30 June 2026","page_number":83,"box":{"x":171,"y":804,"width":92,"height":8}},{"id":"e24925bd-ca20-4481-8acf-54fdf2abedfc","block_type":"box","text":", together with comparative figures for","page_number":83,"box":{"x":264,"y":804,"width":267,"height":11}},{"id":"fd4e5dd7-5060-46fe-8790-ee6d8a8d9c9f","block_type":"box","text":"31 December 2025","page_number":83,"box":{"x":537,"y":804,"width":130,"height":8}},{"id":"9d6533cd-2e34-4419-9328-2621579248bf","block_type":"box","text":", one Shareholder of Pzena Global","page_number":83,"box":{"x":669,"y":804,"width":238,"height":10}},{"id":"5166fd02-4ec2-4548-985e-164ebd4e8f46","block_type":"box","text":"Value Fund had interests in excess of 20% of the issued Share Capital. The number of Shares held is 422,749 which","page_number":83,"box":{"x":128,"y":818,"width":780,"height":11}},{"id":"af0d5b93-c480-47a6-bb5a-580f790762b2","block_type":"box","text":"amounted to 21.83% of the Share Capital (","page_number":83,"box":{"x":128,"y":833,"width":297,"height":10}},{"id":"bbbc0480-7139-4c9b-a60a-1e1e8077284f","block_type":"box","text":"31 December 2025","page_number":83,"box":{"x":426,"y":833,"width":129,"height":8}},{"id":"d9e3cf86-38a4-40f8-9d5c-26a767de66cc","block_type":"box","text":": Nil Shares which amounted to Nil% of the Share","page_number":83,"box":{"x":558,"y":833,"width":349,"height":8}},{"id":"b74cb899-b2ac-4ffc-9ac8-d5697565f9dc","block_type":"box","text":"Capital).","page_number":83,"box":{"x":128,"y":847,"width":57,"height":11}},{"id":"ce5eee32-a920-45f3-8ecf-1f0c94896670","block_type":"box","text":"As at","page_number":83,"box":{"x":128,"y":872,"width":39,"height":8}},{"id":"7e8e9342-cc84-4738-80ae-f7673c91ba31","block_type":"box","text":"30 June 2026","page_number":83,"box":{"x":168,"y":872,"width":88,"height":8}},{"id":"eeb67d0d-a318-4f8b-a341-fc2fa4f75a9a","block_type":"box","text":", together with comparative figures for","page_number":83,"box":{"x":258,"y":872,"width":262,"height":11}},{"id":"5df00f64-d849-44ab-b0e1-b0c92e458bcd","block_type":"box","text":"31 December 2025","page_number":83,"box":{"x":521,"y":872,"width":127,"height":8}},{"id":"72afc759-7c98-4862-a60c-eb5a794328ea","block_type":"box","text":", two Shareholders of Pzena Emerging","page_number":83,"box":{"x":650,"y":872,"width":262,"height":11}},{"id":"c252f1fe-c12f-4a24-8735-d426397c90fe","block_type":"box","text":"Markets Select Value Fund had interests in excess of 20% of the issued Share Capital. The number of Shares held","page_number":83,"box":{"x":128,"y":886,"width":784,"height":11}},{"id":"6c3f6d80-57bd-4a19-91b7-fb63aa5cea2a","block_type":"box","text":"were 216,934 and 132,397 which amounted to 36.32% and 22.16% of the Share Capital, respectively (","page_number":83,"box":{"x":128,"y":900,"width":689,"height":11}},{"id":"111b6ddf-81bd-4eb6-8b56-5d20cc61fbe9","block_type":"box","text":"31 December","page_number":83,"box":{"x":818,"y":900,"width":94,"height":9}},{"id":"b09534e9-f55f-4d19-91a6-e4ac32ca8625","block_type":"box","text":"2025","page_number":83,"box":{"x":128,"y":915,"width":32,"height":8}},{"id":"db1378dd-4229-4296-ab64-30627bbb3b4f","block_type":"box","text":": 132,397 and 68,000 Shares which amounted to 46.02% and 23.64% of the Share Capital, respectively).","page_number":83,"box":{"x":162,"y":915,"width":705,"height":10}},{"id":"0609c527-83ea-4b0f-9f80-4095a869ee56","block_type":"box","text":"12","page_number":83,"box":{"x":95,"y":135,"width":20,"height":8}},{"id":"75d29fb3-46a1-4713-bcc9-2385bcf26aa0","block_type":"box","text":"Exchange Rates (Continued)","page_number":83,"box":{"x":128,"y":135,"width":204,"height":10}},{"id":"11152eb9-b801-4017-858e-512b4dd369aa","block_type":"box","text":"PZENA VALUE FUNDS PLC","page_number":84,"box":{"x":94,"y":42,"width":218,"height":8}},{"id":"d75e5026-8c37-4ce6-a3d2-9c2516b02aaf","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS (Continued)","page_number":84,"box":{"x":94,"y":81,"width":429,"height":10}},{"id":"653d8230-ff31-4f2a-b8ca-aceee9405eea","block_type":"box","text":"For the period ended 30 June 2026","page_number":84,"box":{"x":94,"y":95,"width":243,"height":11}},{"id":"972ec6f8-d6a7-4549-8cd0-ea0d2c207bd9","block_type":"box","text":"82","page_number":84,"box":{"x":492,"y":959,"width":15,"height":8}},{"id":"2f607dd4-9bae-451f-9d98-bb6cd0f640b2","block_type":"box","text":"83","page_number":84,"box":{"x":1000,"y":959,"width":0,"height":8}},{"id":"61136eba-b5c0-4874-98c4-2a268e971750","block_type":"box","text":"As at","page_number":84,"box":{"x":128,"y":160,"width":38,"height":8}},{"id":"697a33d9-a916-4b34-9935-5b4177459a13","block_type":"box","text":"30 June 2026","page_number":84,"box":{"x":167,"y":160,"width":87,"height":8}},{"id":"960cc13d-b295-4b11-bbdd-38f13e06c4a5","block_type":"box","text":", together with comparative figures for","page_number":84,"box":{"x":256,"y":159,"width":260,"height":11}},{"id":"26a27e7f-53a9-4750-864a-d93d170853b5","block_type":"box","text":"31 December 2025","page_number":84,"box":{"x":517,"y":159,"width":125,"height":9}},{"id":"71c77fda-d649-417d-b138-f2d5d70b91e2","block_type":"box","text":", two Shareholders of Pzena Europe ex","page_number":84,"box":{"x":644,"y":159,"width":263,"height":11}},{"id":"e28fdd7b-935a-401f-acec-902b6e34fe0d","block_type":"box","text":"UK Focused Value Fund had interests in excess of 20% of the issued Share Capital. 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